Most traders, especially wholesalers with ‘suspense’ money (that is, unaccounted cash for the business done without bills), were a worried lot following demonetisation.
However, they seem to have found a solution.
What has helped is accepting Rs. 500 and Rs. 1000 notes. A senior trader in APMC Yard, Yeshwantpur said they will accept old notes till December 30, as refusal to do so would only reduce their businesses till then.
“As has been our practice, we are depositing all the cash from the business every day, mostly in old currency notes.
“Since banks are not differentiating between deposit of old and new currency notes, traders are including a small portion of the suspense account money every day,” the trader said.
Another trader in Chikpet said that since there has been a drop in business anyway, the additional money from their ‘suspense’ account was only bringing their daily deposit on par with their average daily deposit, which they hope would ensure a safe way out.
“If I-T sleuths question us, we can produce bills for the daily deposits,” he said.
